Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

NOTE 15: SUBSEQUENT EVENTS

On October 8, 2015, Missy Hogan and Jennifer Geiger, as Trustees for the Janice Lynn Livingston Special Needs Trust U/A 2/17/11 (the "Plaintiff"), filed a suit in New York state court against Alteva, Alteva's Board of Directors (Kelly C. Bloss, Brian J. Kelley, Jeffrey D. Alario, Douglas B. Benedict, and Edward J. Morea, together with Alteva, Inc. "Alteva Defendants"), MBS Holdings, Inc. and Arrow Merger Subsidiary, Inc. Plaintiff has requested that the court certify the suit as a class action, but the court has not ruled on the request. In the lawsuit, Plaintiff alleges that Alteva Defendants have breached their fiduciary duties to the public shareholders of Alteva by, among other things, failing to take reasonable steps to obtain and/or ensure that the public shareholders receive adequate and fair value for their shares in the proposed transaction. Plaintiff also alleges that MBS Holdings, Inc. and Arrow Merger Subsidiary, Inc. aided and abetted Alteva Defendants in breaching their fiduciary duties to the public shareholders of Alteva.

In addition, in a filing dated October 13, 2015, Plaintiff requested that the court issue an order restraining the November 16, 2015 vote. On October 19, 2015, the court denied Plaintiff's request for injunctive relief, but ordered expedited discovery and a hearing on November 12, 2015 concerning whether a preliminary injunction should be issued enjoining the November 16, 2015 vote.

At the November 12, 2015 hearing, the court denied Plaintiff's request for a preliminary injunction. The underlying case remains pending in New York state court.